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First home buyer? Avoid these 4 mistakes!

By Kevin Kelly

Looking to purchase your first property in Bunbury? It can be an exciting process, but there are a number of mistakes all first time home buyers should be careful to avoid. Thankfully, many before you have made them, so you can learn from their mistakes without having to make them yourself.

Here are four common mistakes first home buyers make.

1. Thinking too much about 'the market'

If you've found a property you like, don't think you have to put off purchasing it because the market's hot, or you think it will be lower in six months. The truth is, timing the market is next to impossible, so you're better off not trying to time your purchase perfectly right, as you may find yourself waiting a lot longer than expected.

2. Falling in love with a house too soon

It's exciting when you find a house you really love, but it's important not to fall head over heels too soon. There are a lot of great properties out there and you can be selling yourself short if you stop looking . Remember, if it's really the house for you, it's likely you'll still feel the same way after viewing others, so you have nothing to lose by checking out other properties before you commit.

3. Not taking advantage of first home buyer grants

In Western Australia, there are government grants available to eligible first home buyers. The First Home Owner Grant (FHOG) scheme provides a one-off payment of $10,000 for people purchasing a home for the first time. There are some criteria you need to fulfil, like the property being below a certain cap in value and you living in it for six months as your primary residence, but it's a great option that no first home buyer should fail to investigate further.

4. Forgetting that price is just one factor of many

It's important to remember that price is not the only factor to consider. Too many first home buyers get wrapped in finding the cheapest property they can find that they also like, but might not be their favourite. You need to think strongly about how you want to weight things like location, bedroom size, amenities, and the like compared with price. You're probably going to have to compromise on something, so make sure you know what things you value most.

The best thing you can do as a first home buyer is contact the team at Ray White today – we can help you find the perfect real estate in Bunbury to call your own.

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